A radical overhaul of Britain’s financial and banking system has been called for to combat ‘feral capitalism’ by delegates attending Unite’s policy conference in Brighton today (Monday, 25 June).
Top of the agenda was the demand for a Robin Hood Tax on financial transactions which could raise £4.2bn-a-year to alleviate the cuts to public services and pensions.
One delegate said that capitalist countries as Switzerland, Singapore and the United States already had such a tax.
Delegates also voted to campaign to make all banks, whether owned by the taxpayer or not, to increase their lending to businesses and to councils to fund a massive council house building programme.
Delegates also urged that irresponsible bonuses should stop to those engaged in ‘casino banking’.
The tax system needed to be overhauled and tax evasion and avoidance by wealthy individuals and corporations – estimated to cost £100bn-a-year – should be stamped out.
Unite general secretary, Len McCluskey said: “Today, our members have drawn a line in the sand over the greedy excesses of feral and uncontrolled capitalism.
“Unite will campaign to have a fairer and progressive tax system which will help working people and inject much needed demand into an economy brought to its knees by the spivs and speculators.
“The fight back starts now with a Robin Hood tax a key demand.”
For further information, please contact Unite communications officer, Shaun Noble on 07768 693940.
Notes to editors:
Unite is Britain and Ireland’s largest trade union with 1.5 million members working across all sectors of the economy. The union’s general secretary is Len McCluskey.